More than 40% of Canadian parents are worried that their children will not be able to afford a post-secondary education, according to a BMO Financial Group study. It’s not surprising since a four-year university degree currently costs upwards of $60,000 when you factor in tuition, room and board and books. That sum could rise to more than $140,000 for a child born this year, the bank says. One way to get a head-start is with a Registered Education Savings Plan (RESP). Contributing just $500 a year, plus the government top up of $500 per year, could result in more than $20,000 in savings by the time a child enters college or university. To get started, your baby will need a Social Insurance Number. Also, keep in mind RESPs can house mutual funds, ETFs and GICs. For more, read The old college try: How to maximize RESPs.